Chapter 4. Commodity Price Volatility: Impact and Policy Challenges for Low-Income Countries

Hugh Bredenkamp

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Mr. Hugh Bredenkamp

Mr. Hugh Bredenkamp
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Language:: English

Print Publication Date:: 24 Oct 2012

Keywords:: BOOK; price; government; commodity; natural resource; price shock; exchange rate; income distribution; price volatility; Natural resources; Income inequality; Oil; Food prices; Consumption; Global; Sub-Saharan Africa; Africa; Asia and Pacific; Middle East

Abstract

The roller-coaster experience of recent years has highlighted the fact that commodity price fluctuations are an integral part of the global economy.1 During 2007 and the first half of 2008, global food prices rose by more than 50 percent and fuel prices doubled. Then, when the financial crisis hit in late 2008, these prices plummeted by 30 and 50 percent, respectively, before rising again sharply in late 2010 and early 2011 (Figure 4.1).

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